Zura Bio Reports $45.4 Million Net Loss for Fiscal Year 2024, Improved from $69.2 Million in 2023

Zura Bio Ltd., a clinical-stage immunology company, reported a net loss of $45.4 million for the fiscal year ended December 31, 2024, compared to a net loss of $69.2 million in 2023. This improvement reflects a decrease in research and development expenses, primarily due to a large licensing expense recorded in 2023, partially offset by increased general and administrative expenses. Research and development expenses decreased by $19.6 million to $24.4 million, while general and administrative expenses increased by $12.1 million to $30.8 million.

Significant changes in financial performance were driven by several factors. The decrease in research and development expenses was largely attributable to the absence of a $27.2 million IPR&D license acquisition expense from Lilly recorded in 2023. Conversely, the increase in general and administrative expenses stemmed from a $5.9 million non-cash share-based compensation charge related to a CEO transition, increased professional fees, and higher personnel compensation. The company also completed a warrant exchange, issuing 3,782,190 Class A ordinary shares in exchange for outstanding warrants.

During the year, Zura Bio initiated a Phase 2 clinical trial (TibuSURE) for tibulizumab in adults with systemic sclerosis, with topline data expected in the fourth quarter of 2026. A Phase 2 trial for tibulizumab in hidradenitis suppurativa is anticipated to begin in the second quarter of 2025. The company also completed several private placements, raising significant capital. The April 2023 Private Placement generated $75.8 million in net proceeds, while the April 2024 Private Placement brought in $112.5 million in gross proceeds. Additionally, the company utilized an at-the-market (ATM) offering, generating net proceeds of $10.6 million during 2024 and the first quarter of 2025.

As of December 31, 2024, Zura Bio had 30 full-time employees and approximately 27 shareholders of record. The company's Class A Ordinary Shares trade on the Nasdaq Capital Market under the symbol "ZURA." No dividends were paid during the reporting period, and the company does not anticipate paying dividends in the foreseeable future. The company's cash and cash equivalents totaled $176.5 million at the end of 2024.

The company projects continued operating losses for the foreseeable future, and its future operations depend on its ability to secure additional financing. The company believes its current cash resources will fund operations through 2027, but this projection is subject to various uncertainties and contingencies. The company also highlights several risk factors, including reliance on third-party manufacturers and CROs, competition in the biopharmaceutical industry, and the inherent uncertainties associated with clinical trials and regulatory approvals.